No permit shall be issued or continued in operation unless the applicant shall file with the Zoning Officer an insurance policy or policies of a company duly licensed to transact business under the insurance laws of this State, with coverage limits of at least $100,000 per person and $1,000,000 per accident, insuring against loss from liability imposed by law upon the distributor for damages on account of bodily injury or death suffered, and in the sum of $50,000 against loss on account of property damage suffered by any person or persons as a result of an accident occurring by reason of the ownership, control or maintenance of a newsrack, and no permit shall continue effective unless such insurance shall remain in full force and effect, during the entire term of the permit. Such insurance policy shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance and control of such newsrack, or any fault in respect thereto, and shall be for the benefit of any person suffering loss, damage or injury as aforesaid.
Each insurance policy shall provide that neither the distributor, nor its insurer, shall have any right to subrogation against the Town of Kearny. Each insurance policy shall provide primary coverage for any and all losses and shall be drafted so as to protect all parties.
The distributor shall have the Town of Kearny added as an additional insured on the insurance policies required by this subsection.